SBI Home Loan

Highlights

  • SBI home loan eligibility, documents, and interest rates as low as 6.95%

  • SBI insta top-up home loan without documents

  • SBI Home Loan offered on Repo Rate Linked EBLR (External Benchmark Linked Rate)

In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability. The moratorium, which was ending on May 31, 2020, has been extended till August 31, 2020.

SBI Home Loan

The home loan offered by SBI is an ideal choice of everyone. The bank offers lowest home loan interest rate, SBI home loan is what every home loan borrower seeks. Read this article to know details of the product to understand and apply for it in time of need.

SBI Home Loan Features

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

    Almost done, few more details required.

    SBI Home Loan Interest Rates July 2020

    Below is the table showing the maximum loan amount, tenure, SBI home loan interest rate, and the processing fee on SBI home loan.

    ParticularsSalaried (Women)Salaried (Others)Self-employed (Women)Self-employed (Others)
    Interest Rate6.95% - 7.40%7.00% - 7.45%7.10% - 7.55%7.15% - 7.60%
    Loan TenureUp to 30 YearsUp to 30 YearsUp to 30 YearsUp to 30 Years
    Consolidated Processing Fee0.35% of loan amount + GST subject to maximum of INR 10,000 +GST0.35% of loan amount + GST subject to maximum of INR 10,000 +GST0.35% of loan amount + GST subject to maximum of INR 10,000 +GST0.35% of loan amount + GST subject to maximum of INR 10,000 +GST

    You can calculate your home loan EMI with the help of SBI home loan EMI calculator.

    SBI Home Loan Eligibility Criteria

    SBI provides home loans to salaried, self-employed, employees of central/state government, self-help groups and defense personnel belong to army, navy and air force. For your reference, below is the table showing SBI home loan eligibility.

    Eligibility CriteriaFor SalariedFor Self-employed
    Minimum Age18 Years21 Years
    Maximum Age70 Years70 Years
    Minimum IncomeINR 1,80,000 (p.a.)INR 1,80,000 (p.a.)
    Loan Amount OfferedCustomizedCustomized
    Loan TenureUpto 30 YearsUpto 30 Years
    Current Experience2 Years3 Years

    SBI Home Loan Eligibility for Non-Salaried People

    • Resident Type: Resident Indian
    • Wherever the applicant is Proprietor of a Proprietorship firm or is one of the partners in a Partnership Firm or is one of the Directors in a Company, the firm/Company:
      • Should be in existence for at least last 3 years
      • Must have earned Net Profit in the last two years
      • Existing Credit Facilities, if any, should be Regular and Standard. Opinion Report in this regard will be obtained from the existing Bankers.
      • Wherever the proposed House Property is acquired in joint names of the Proprietor and the Proprietary Firm, the firm should be our existing borrower or a debt free entity.
    • Minimum Age: 18 years
    • Loan Tenure: up to 30 years.
    • Loan Amount: Minimum: INR 50,000/- & Maximum: INR 50 crores.

    SBI Home Loan Documents

    The list of papers/documents required for SBI home loans is a little different depending on the profession.

    Documents required for SBI home loan for all applicants:

    • Employer Identity Card
    • Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
    • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
    • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card

    Property Papers for SBI home loans:

    • Permission for construction (where applicable)
    • Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
    • Occupancy Certificate (in case of ready to move property)
    • Share Certificate (for society flats), Maintenance Bill, Electricity Bill, Property Tax Receipt
    • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
    • Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

    Account Statement:

    • Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
    • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

    Income Proof documents required for SBI home loans for Salaried Applicant/s:

    • Salary Slip or Salary Certificate of last 3 months
    • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

    Income Proof documets required for SBI home loan for Non-Salaried Applicant/s:

    • Business address proof
    • IT returns for last 3 years
    • Balance Sheet & Profit & Loss A/c for last 3 years
    • Business License Details(or equivalent)
    • TDS Certificate (Form 16A, if applicable)
    • Certificate of qualification (for C.A./ Doctor and other professionals)

    What is the processing fee on SBI Home Loans?

    The processing fee applicable at all SBI home loan applications. The bank is currently offering balance transfer facility at zero processing fee as well. Government employees and Defence personnels are also exempted to pay processing fee under SBI Shaurya and SBI Privilge

    How can you apply for SBI Home Loan?

    1. Apply online via Wishfin
    2. Apply via WhatsApp
    3. Visit nearest branch

    How can you apply online for SBI Home Loan At Wishfin?

    Read below the steps to follow at Wishfin:

    1. Fill up the form given on top of the page
    2. Enter desired loan amount, monthly income, employment status and city
    3. Wish Expert will get back to you as soon as possible.
    4. Executive will ask some basic questions to check your eligiblity.
    5. Your your application will be further processed if you have all the documents (income and property)
    6. Your CIBIL score will be checked as it might fetch a lower rate.
    7. After the approval, it usually takes 7 working days for disbursal.

    Please note that Wishfin only helps you reach out to the eligible banks. Only the lender will decide whether or not you can get the home loan.

    How can you apply for SBI Home Loan on WhatsApp?

    You can now apply for a SBI home loan on WhatsApp. You just have to follow simple steps:

    1. Give a missed call to 9555103000 (You will receive a message on your WhatsApp)
    2. Answer the questions asked by the chatbot
    3. Provide your full name, email ID and Date of birth
    4. Mention your monthly income and residence city
    5. Provide your required loan amount
    6. Enter the value of the property

    Different Types of SBI Home Loans

    State Bank of India offers various home loan schemes so that the customers can choose the scheme as per their requirement. All SBI home loan schemes come with easy repayment options and nominal fee & charges. To know more, read more.

    1. Regular Home Loan
    2. Top Up home loan
    3. Smart Home Top-Up Loan
    4. Insta Home Loan Top-Up
    5. Flexipay
    6. SBI Maxgain
    7. NRI home loans
    8. Realty
    9. SBI Pre-Approved Home Loan (PAL)
    10. Tribal Plus
    11. Privilege
    12. Shaurya
    13. Bridge home loan
    14. SBI Corporate home loan

    SBI Regular Home Loan

    This is regular SBI home loan scheme which is the most demanding home loans in India. The interest rate applicable on SBI home loan interest rate is among the lowest home loan interest rates in the existing market scenario.

    SBI Home Top Up Loan (Term loan)

    The customers who already have a home loan from SBI and want more money can take SBI top-up home loan. The money can be used for renovation/construction/extension or any other personal need. SBI Home Top up loan can be used for any personal purpose. The Rates are much lower than Personal loan. The product does not restrict the customer from availing Top up loan higher than the existing home loan.

    • Resident Type: Resident Indian and NRI
    • Minimum Age: 18 years
    • Maximum Age: 70 years
    • Loan Tenure: up to 30 years
    • The bank requires satisfactory repayment track record of 1 one year or more, after completion of moratorium
    • Loan Amount upto 5 crores, subject to total exposure on property as per LTV

    SBI Smart Home Top-Up Loan

    Other than a normal top-up for existing and new customers of SBI home loan, there is a new scheme – Smart home loan top-up scheme. This is a facility offered by SBI gives you the chance to get a top-up home loan without any documents. You just need to visit your nearest bank branch/RACPC and avail the facility. The eligibility criteria for this scheme is given below:

    • The scheme is only available for an Resident Indian & NRI
    • Your age should be between 18-70 years
    • You can get the loan for a maximum of 20 years
    • The maximum loan amount you can get is INR 5 lakhs
    • Your CIBIL Score should be at least 550 or higher
    • The bank requires satisfactory repayment track record of 1 one year or more, after completion of moratorium
    • No other Home Top-up or Insta Home Top-up loans should be active

    SBI Insta Top-Up Home Loan

    The facility is for existing customers of SBI home loan who can get home loan top-up service online via the official website. The whole process is done online such as the loan processing, and disbursement of loan and setting of S.I. in their Saving Account for repayment of EMIs will be done automatically by the system and no manual intervention is required. The eligibility required for this scheme is given below:

    • Existing home loan customers with minimum loan limit of INR 20 lacs
    • Minimum residual tenure of Home Loan of 5 years
    • Satisfactory track record of 3 years or more
    • You can get minimum INR 1,00,000/- up to a maximum of INR 5,00,000/-
    • Your CIBIL Score should be minimum 550 or higher
    • No other Home Top-up or Insta Home Top-up loans should be active

    SBI Flexipay Home Loan

    Flexipay Home Loan is available for salaried and working professional/executives who apply for SBI home loan. Salaried applicants with minimum 2 years of experience, aged between 21-45 years are eligible to avail the loan under this scheme. This loan scheme is available with a maximum repayment period of 25-30 years with a loan amount of INR 20 Lakh or above.

    SBI Maxgain-Home loan

    You can avail this scheme to get the loan amount of above INR 20 Lakh & there is no maximum limit available for obtaining home loans under SBI Maxgain scheme.

    SBI NRI Home Loan

    This home loan scheme is available for Non-Resident Indians (NRIs) as well as for Persons of India Origin (POIs), having a regular source of income. To avail the same, the minimum employment tenure in India/Abroad is 2 years.

    Realty Home Loan

    You can avail this loan to purchase a plot so as to start the construction of the house. The maximum loan offered under this SBI home loan scheme is INR 10 crore for a maxiumum of 15 years. SBI’s Savings account is mandatory for availing SBI Realty Loans. Incase of unavailability of Savings account, the Rate of interest can vary.

    SBI Pre-approved Loan (PAL)

    Under this scheme, home loans can be sanctioned to the borrowers before the finalization of the property, which also enables the borrowers to do the negotiation easily.

    Tribal Plus Home Loan

    People living in hilly/tribal areas can avail loan from this scheme to purchase or construct a home/flat without mortgaging the land. The maximum loan amount that you can get is INR 10 Lakh for a maximum repayment period of 15 years.

    Privilege Home Loan

    Employees of Central/State Governments including PSBs, PSUs and other individuals with pensionable service. Maximum loan tenure is 30 years with repayment upto the age of 75 years.

    • 100% processing fee waiver
    • Concessional Rates of interest offered

    Shaurya Home Loan

    Those who are in defense personnel belonging to Army, Navy and Air Force are eligible to avail this  SBI home loan scheme. Under this scheme, you can repay the same at an age of 75 years with maximum loan repayment period of upto 30 years.

    • 100% processing fee waiver
    • Concessional Rates of interest offered

    SBI Corporate Home Loan

    The bank is now offering home loans to Corporate Entities (Both Public & Pvt. Ltd. Companies) for construction/ acquisition of Residential Units in the name of the Company for use by their Directors/Promoters and Employees. SBI home loan for Corporate Entities can also be used for take-over of housing loans in the name of the Company from other Banks/HFCs. The eligibility to avail this scheme is as follows:

    • Should be our existing borrower or a debt free Company
    • Should be in the line of business for at least 3 years
    • Should have earned uninterrupted Net Profit in last three years
    • Existing loan accounts of the Company, if any, should be regular and standard and also should not have been restructured during the last 3 years. Opinion Report will be obtained from the existing Bankers, if any.
    • ECR of BBB and better for units having total exposure of Rs. 10 crores and above
    • CRA of SB-8 & better in respect of both existing SME/C&I customers and new customers. CRA will be arrived at based on the latest audited Balance Sheet
    • Parent Company fulfils the above mentioned eligibility norms
    • Company agrees to stand as a Guarantor for Home Loan
    • The estimated cash flow of the SPV/Subsidiaries is sufficient to repay the EMIs or the Parent Company gives an undertaking to Service the Home Loan in addition to guaranteeing the loan.

    Bridge Home Loan

    SBI Bridge Loan is the facility under which you can get the loan for the rest 20% as well. This is a short term loan which helps the borrower to buy their dream home without being worried about any down payment.

    How can you check your loan application Status?

    To know your SBI home loan status, you can visit the official website of the bank or contact Wishfin home loan executives. The concerned person will help you track the status of your SBI home loan application on the basis of your application ID.

    SBI Home Loan Customer Care Number

    If you have any query related to SBI home loan, you can also contact the nearest SBI branch. You can also dial a toll-free customer care number-1800 425 3800. The executives will clear all your doubts as soon as possible.

    State Bank of India Moratorium process

    You can stop your loan EMIs falling due from March 1, 2020, to May 31, 2020, using the following steps.

    • Download the Annexure Form I or II from SBI’s official website
    • Fill up the Annexure I with the Term loan or Account number
    • Mention the branch name and put your signature over it
    • If the loan is co-borrowed then the 2nd applicant’s signature is mandatory
    • You can submit the form online without going anywhere to the mentioned email ID on Annexure-II
    • If the user avails the Standing Instruction service of SBI for the payment, he/she can submit a handwritten application to their SBI branch

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    Axis Bank7.75% - 8.55%
    Bank of Baroda6.85% - 7.85%
    Citibank8.20%
    HDFC6.95% - 8.00%
    ICICI Bank7.45% - 8.55%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank7.40% - 9.70%
    LIC Housing7.40% - 8.85%
    Piramal Capital & Housing Finance9.00% - 9.10%
    PNB Housing Finance8.60% - 9.45%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI6.95% - 7.60%
    Tata Capital9.20% - 9.35%